New Zealand Q3 Building Volume Includes 0.7%

The volume of all structure in New Zealand picked up a seasonally changed 0.7 percent on quarter in the 3rd quarter of 2018, Statistics New Zealand said on Wednesday.

That was shy of expectations for a boost of 2.3 percent and down from 0.8 percent in the three months prior.

Residential building activity increased 1.2 percent on quarter, while non-residential building was unchanged.

The real worth of all building work was NZ$ 5.8 billion – up 6.1 percent on year.

The areas with the greatest total worths in the third quarter were: Auckland – NZ$ 2.4 billion; and Canterbury – NZ$ 939 million.

The real value of residential building work was NZ$ 3.8 billion for the current quarter – up 5.1 percent on year. The biggest portion modifications compared to September 2017 were for Auckland, up 16 percent, and Canterbury, down 14 percent.

In seasonally changed terms, the value of residential work increased 2.1 percent on quarter. The seasonally adjusted value increased 7.0 percent in Auckland and fell 5.0 percent in Canterbury.

The real value of non-residential building work was NZ$ 2.1 billion – up 7.9 percent on year.

The non-residential structure types with the most work put in location (by value) were: office, administration, and public transportation structures – NZ$ 342 million (down 15 percent from the September 2017 quarter); education structures – NZ$ 341 million (up 3.0 percent); and stores, bars, and restaurants – NZ$ 275 million (up 18 percent).

In seasonally changed terms, the value of non-residential work increased 1.3 percent on quarter.

The seasonally changed worth fell 2.2 percent in Auckland, following increases in the previous 2 quarters, and increased 13 percent in Canterbury, after falls in the previous two quarters.